New single-family business slowed at the Federal National Mortgage Association. While income was down, more than $2 billion in earned profits will be paid back to taxpayers.
In its third-quarter earnings report, the government-controlled enterprise said that it provided
approximately $132 billion in liquidity to the mortgage market during the period.
According to the report, the liquidity was used to fund around 297,000 home purchases,
refinance roughly 275,000 existing residential loans and finance 118,000 multifamily units.
Single-family acquisitions by Fannie Mae totaled $124.5 billion during the three months that ended on Sept. 30.
Activity eased from $128.1 billion three months earlier and $102.3 billion during the same three-month period last year.
Year-to-date single-family acquisitions totaled
$365.8 billion at the Washington-based firm.
Refinance Plus transactions made up
$6.9 billion of third-quarter 2015 volume.
Refinance share for the latest activity was 46.1 percent, thinning considerably from 59.7 percent in the second quarter.
More than a fifth of Fannie’s most-recent single-family business was secured by California properties.
The single-family portion of Fannie’s book of business was $2.83 trillion as of Sept. 30, 2015, no different than three months prior.
As of the close of the third-quarter 2015, the secondary lender’s total multifamily book of business was $0.2121 trillion, off from $0.2132 trillion as of mid-year 2015.
Income before federal income taxes plunged to $3.0 billion from $6.9 billion in the second quarter, Earnings also declined from $5.7 billion in the third-quarter 2014.
Total comprehensive income attributable to Fannie Mae in the third-quarter 2015 was $2.2 billion.
Fannie said it expects to pay $2.2 billion in dividends to the Treasury during December.
That will bring total dividends paid while under conservatorship to $144.8 billion.
Treasury draws taken by Fannie, meanwhile, amount to $116.1 billion since going into conservatorship in September 2008. No draw has been taken since 2011.
